EduCom Co-operative Credit Union recently raised over $243 million in capital through a private deferred share offer to its members and other member organisations that closed on Wednesday, December 1, 2021.

Brokerage firm MoneyMasters Limited was responsible for administrating EduCom Co-operative Credit Union Limited’s deferred share offer.

The credit union had offered 250,000,000 deferred shares at the price of $1.00 per unit with a minimum subscription of $25,000, with only members of EduCom, other credit unions and member organisations, including pension funds, allowed to participate.

With a fixed interest rate of 6.50 per cent per annum, the first dividend payment became due and payable on December 15, 2021. Subsequent to this, Educom will pay dividends on quarterly basis, on the 15th day of the month in which dividends become due.

According to a release from Educom, “The funds raised by the deferred shares will facilitate the improvement of the credit union’s technology platform and fund other working capital needs. The credit union’s move to modernise its systems and processes is based on leveraging technology to enhance the service offering of the credit union.”

Already, EduCom has identified the banking platform it will use and is confident that it will be able to transform its customers’ digital experience in 2022.